The US Commerce Department on Thursday announced that the country’s gross domestic product had fallen for the second consecutive quarter, although President Joe Biden said the economic data overall “doesn’t sound like a recession”. In most countries, two successive quarters of GDP decline qualify as a recession – but not in the United States, where an independent body of eight economists called the Business Cycle Dating Committee makes such a determination.
The GDP of the world's largest economy fell at a 0.9 percent annualized rate last quarter, the Commerce Department announced Thursday, the second successive quarter of negative growth. In many countries, this would prompt the government to announce that the economy had entered a recession. But not in the United States.
